Philadelphia Bankruptcy Lawyer Discusses Tips for Small Businesses
One unfortunate aspect of working as a Philadelphia bankruptcy lawyer is knowing that a great many business bankruptcies might have been avoided. Sometimes catastrophes happen, or bad luck ruins a good business plan, but often, small and medium-sized business (SMB) owners call a bankruptcy lawyer due to inexperience or costly decisions over time. Sometimes calling a bankruptcy lawyer before the situation is too dire can yield solutions other than bankruptcy.
If you are managing a small business and you are looking for ways to cut costs or improve your bottom line, here are some tips that might help keep your business running efficiently.
5 Ways SMBs Can Improve Their Financial Situation
This may seem overly-simplified, but often a lot of expenses are incurred unnecessarily. For example, if you currently rent more space than you need, consider a sublease or even moving to a new and smaller location that suits your needs. Outsource jobs that require less than full-time and be sure that you are utilizing the talents of your employees wisely and productively.
Shift to Online Marketing
Advertising and marketing have gone through major shifts in the past decade, particularly where online marketing is concerned. In many cases, a business can generate more leads for far less money by embracing online marketing and reducing their spending on costly, paper or billboard advertising buys.
Invest in modern Internet-based telecommunications
Are you still using a landline and paying for long distance? Voice-over-IP (“VoIP”) technology is now robust and becoming ubiquitous. A one-time spend to upgrade your business phone system could eliminate your long-distance bills. Video conferencing is also becoming commonplace, reducing or eliminating travel expenses by allowing “face-to-face” meetings from your home office.
Stay Within Your Budget
If no budget has been set yet, create one. You will find staying profitable to be a very difficult task if you have no formal limits on what will be spent. Shop for providers, like insurance companies and banks, that offer quality and the services your business needs, at the most competitive price.
Emphasize retaining customers, rather than acquiring new ones
Acquiring a new customer can cost five times -or more- over the costs to retain existing customers. Place more emphasis on keeping customers over the long-term. One way to accomplish this task is to begin an email marketing program to keep in touch with previous customers so that you come to mind when they need your product or service.
When You Need A Philadelphia Bankruptcy Lawyer, Call Alfred Abel Law Offices
Despite a business person’s best efforts and a great product or service, sometimes the financial impacts just prove to be too much. If you find yourself becoming overwhelmed by debt, contact a Philadelphia bankruptcy lawyer to learn about your options. Alfred Abel has decades of experience guiding businesses through bankruptcy proceedings while maximizing their retained assets. Contact us to set up a consultation.